The studio reportedly has even had a name of possible director for the new movie, which is Justin Lin. The filmmaker has previously directed the last three installments of "The Fast and the Furious" franchise.

Words are, there is a plan to recruit "Fast Five" writer Chris Morgan to work with Lin again for the fifth "Terminator" movie. There is still no word, however, on whether or not Schwarzenegger will be involved in the upcoming project.

"Terminator Salvation" helmer McG was once expected to make follow-up to the 2009 film starring Christian Bale and Sam Worthington. But the attachment ended as the franchise was put in bankruptcy auction. Pacificor came out as the winner of the bidding.